Traders Are Jumping at Opportunity to Invest in Viral AI Coin as Cardano and Chainlink Test Resistance

June 11, 2024
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2 min read

This is a Crypto Brand Press post. Brand Press is a paid service for brands that want to reach Techpoint Africa’s audience directly. Techpoint Africa’s editorial team doesn’t write Brand Press content. To promote your brand via Brand Press, please email business@techpoint.africa

Traders are eagerly seizing the opportunity to invest in viral AI coins as the cryptocurrency market shows promising movements. Cardano and Chainlink are currently testing key resistance levels, attracting significant attention from investors.

These developments come amid a broader surge in interest for AI-driven crypto assets like Algotech (ALGT), reflecting the growing confidence in their potential. The market's dynamic landscape is creating new avenues for profit and innovation in digital currencies.

In this article, we will explore why Algotech, a leading AI coin, is capturing the interest of traders.

Cardano whales distribute holdings amid market turbulence

Cardano (ADA) whales have been distributing their holdings at a loss throughout June. On-chain data from Santiment reveals mixed activity among whale segments, with some accumulating the altcoin while others realized significant losses.

Between June 1 and 10, ADA holders incurred nearly $40 million in losses, suggesting potential capitulation for this Ethereum competitor.

Santiment data shows that ADA whale transactions, valued at $100,000 and higher and $1 million and higher, hit a 12-month peak last week.

The Network Realized Profit/Loss (NRPL) metric indicates whales likely realized losses on their holdings. The nearly $40 million in losses between June 1 and 10 could signal panic selling, often followed by a price resurgence.

Shifts in Cardano's supply distribution

Significant changes have occurred in Cardano’s supply distribution. Whales holding between 100 million and 1 billion ADA tokens accumulated 340 million Cardano between May 29 and 30 but have since been shedding their holdings.

Meanwhile, those holding between 10 million and 100 million ADA shed 290 million tokens but added 20 million in June. Large investors with 100,000 to 1 million ADA acquired 10 million tokens this month.The distribution among different whale segments suggests a bullish outlook for Cardano, with many likely buying the dip despite the ongoing distribution by the largest holders.

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Chainlink services continue to expand across blockchains

In the past week, Chainlink’s token price decreased by 10%, despite the integration of 12 new services across five different series and six blockchains.

READ MORE   Bitcoin (BTC) Millionaire Says This Altcoin With More Crypto Searches Than Shiba Inu And Dogecoin Combined Will Make You A Millionaire

Speculation remains high that Chainlink will experience significant gains if it reaches the $20 mark. Crypto experts and CoinMarketCap analysis predict Chainlink could end the year at $26.06 per token.

Currently, Chainlink is bearish, priced at $16.17 per token, with a 25% decrease in its 24-hour trading volume. In light of this, holders are looking to invest in new promising projects like Raboo, while waiting for Chainlink to become bullish again.

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This article is a Brand Press post. Brand Press is a paid service for brands that want to reach Techpoint Africa’s audience directly. Techpoint Africa’s editorial team doesn’t write Brand Press content. To promote your brand via Brand Press, please email business@techpoint.africa

This Brand Press article was not written by Techpoint Africa’s editorial team. To promote your brand via Brand Press, please email business@techpoint.africa.
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This Brand Press article was not written by Techpoint Africa’s editorial team. To promote your brand via Brand Press, please email business@techpoint.africa.

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43b, Emina Cres, Allen, Ikeja.

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